- Reaching out to each and every household in your farm is a waste of time. By utilizing predictive analytics, you can market only to those who are somewhat likely to sell their home soon.
Are your attempts at real estate farming producing poor results? Adam Long recently joined Pat Hiban to discuss how real estate farming has changed and how agents can adapt for better results.
For an overview of the real estate farming practices essential for success in today’s markets, read on.
To hear Long’s strategies for modern real estate farming, including how to figure out who might be moving soon, listen to the podcast below.
Essential real estate farming practices
If you want to waste less time and achieve better results when prospecting for clients, you must consistently employ the following three practices:
1. Engage the right people
Many agents waste too much time engaging people who can’t or won’t sell a home anytime soon. Renters, for example, aren’t worth pursuing as potential seller leads for obvious reasons.
Someone who recently moved into the neighborhood is another example of a person who typically isn’t a viable seller lead.
If you plan to knock on every door or call every available number in your farm, you’ll be wasting time. Fortunately, you don’t have to do either of these things to generate listing opportunities.
Predictive analytics companies make it possible for agents to reach out only to those who fit the mold of a seller based on big data. Essentially, agents who utilize these companies’ services are able to automate a significant portion of the pre-qualification process.
2. Market in a multi-touch manner
You can’t send out a single marketing flyer and expect great results. Now, more than ever, consistent brand reinforcement is key when it comes to building and maintaining a real estate farm. Utilizing multiple marketing mediums is the best way to reinforce your real estate brand effectively.
Also, by reaching out to potential sellers in multiple ways, you’re more likely to engage prospects in productive dialogue.
Think about it this way: some people prefer text-based conversations and others prefer voice-to-voice communication.
If you call, text and email your prospects, you make it easy for them to communicate with you in the manner they prefer, which increases the likelihood of them reaching out to you for their real estate needs.
3. Offer neighborhood expertise
Finally, in addition to reaching out to the right people via multiple marketing mediums, you need to become the neighborhood expert. In other words, you need to know everything there is to know about what your neighborhood has to offer, including parks, places to eat and schools.
Of course, local residents need to know that you possess this neighborhood expertise or this information won’t do you much good.
To promote yourself as an expert on the neighborhood, consider creating an account on Nextdoor. Through this site, you can provide neighbors with valuable information on the area, real estate and more. If you don’t want to do that, targeted Facebook ads should suffice.
For more information on modern real estate farming and predictive prospecting, listen to the complete podcast with Adam Long.
Pat Hiban is the author of the NYT bestselling book “6 steps to 7 figures: A Real Estate Professional’s Guide to Building Wealth and Creating Your Destiny,” the founder of online real estate sales training site Rebus University, and the host of Pat Hiban Interviews Real Estate Rockstars, an agent-to-agent real estate podcast with Hiban Digital in Baltimore, Maryland. Follow him on Instagram and Twitter.